Description

Pleasing 1862 $50 Legal Tender

Fr. 148 $50 1862 Legal Tender PMG Very Fine 20.
A very rare type, with fewer than 50 pieces reported for all three
Friedberg numbers covering both the 1862 and 1863 issues. This
piece is noted in the census listed there as Fine although it now
resides in a VF holder which fits its appearance much better.
Alexander Hamilton's portrait was used for the design with UNITED
and STATES flanking each side rising from left to right. The
lathework is extensive both on front and back, an implement used to
thwart counterfeiters. Despite the relatively complex design,
counterfeiters still worked to mimic the Bureau's efforts. At least
three well known counterfeit engravings are known and it was not
long before the Bureau of Engraving and Printing was forced to
change the design. In all, just over 600,000 examples were printed
for the 1862 and 1863 Series. This piece is colorful and evenly
circulated. Its only defect is the numerous small scattered
pinholes near the portrait. Our recent 2020 FUN auction saw a
realization of $19,500 for a VF 20 restored and $36,000 for a VF 20
with edge restoration, both PCGS graded. A wholly pleasing example
that will likely finish somewhere between those two realizations.

Auction Info

Auction Dates

April, 2020

22nd-27thWednesday-Monday

Bids + Registered Phone Bidders: 9

Lot Tracking Activity: N/A

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20% of the successful bid (minimum $19) per lot.